Chicago Close

12/07/11 -- Soybeans: Jul 11 soybeans closed at USD13.66 1/2, up 14 cents; Nov 11sSoybeans closed at USD13.58 1/4, up 11 1/4 cents; Jul 11 soybean meal closed at USD348.50, up USD2.50; Jul 11 soybean oil closed at 56.30, up 10 points. The USDA report was neutral for beans with old crop ending stocks raised and new crop ending stocks lowered. World ending stocks for 2010/11 were pegged at the largest on record, but spillover strength from corn added strength to beans. The bulls are getting excited about a hot and dry spell in store for much of the Midwest in the week ahead.

Corn: Jul 11 corn closed at USD6.97, up 15 1/2 cents; Sep 11 corn closed at USD6.64, up 21 cents; Dec 11 corn closed at USD6.58, up 25 1/4 cents. The USDA increased ending stocks but not by as much as had been anticipated, prompting funds to come in for an estimated 20,000 contracts on the day. Private exporters announced the sale of 233,000 MT of new crop corn to unknown and 110,000 MT to South Korea.

Wheat: Jul 11 CBOT wheat closed at USD6.62 3/4, up 26 3/4 cents; Jul 11 KCBTwWheat closed at USD7.13 3/4, up 21 3/4 cents; Jul 11 MGEX wheat closed at USD8.11 1/2, down 3 cents. US all wheat production was raised to 2.106 billion from 2.058 billion last month. World production and ending stocks were reduced by around 2 MMT by the USDA, largely on the back of reduced Canadian output.